I am all for free market and yadda yadda. I see payday lending like I do snake oil salesman. It is fraud and payday loans is basically a legalized con game. Yes, you’re right, smarter people shouldn’t fall for it, but desperate people fall for cons all the time. Steve Jobs even postponed standard cancer treatment for alternative routes.
Have you ever looked into what pawn shops charge for interest? It is minuscule in comparison. The rates on these short term loans are fucking criminal.
As for my advice on anyone who feels the need to use a payday loan - don’t. Default on what ever it is. Arrange something with that debtor. The outrageous percentage rates are outrageous and you are trading one problem for probably a bigger one.
